Question 1

Every year the residential status of an assessee:

Accepted Answer

The residential status of an assessee may change from year to year depending on the duration of their stay in the country and other criteria set by the tax laws, which can vary.

Question 2

interest credited to a recognised provident fund account is exempt up to:

Accepted Answer

The answer of interest credited to a recognised provident fund...

Question 3

The amount of exemption in respect of academic allowance is limited to:

Accepted Answer

The answer of The amount of exemption in respect of...

Question 4

Children education allowance is exempted for.............. children.

Accepted Answer

Children education allowance is exempted for two children under the Income Tax Act in India. This exemption is provided to help parents manage the cost of education for their children.

Quiz 1: Income Tax Act, 1961

Every year the residential status of an assessee:

interest credited to a recognised provident fund account is exempt up to:

The amount of exemption in respect of academic allowance is limited to:

Children education allowance is exempted for.............. children.